Attorney-at-Law

DON’T RAISE THE BRIDGE

In Uncategorized on 07/11/2022 at 16:39

Lower The River

That’s Congressional engineering for ya, as exemplified by Section 24a, the child tax credit, $1K per kiddo, $3K max. But to the extent the allowable credit exceeds total tax due, the overage is transmuted into the additional child tax credit per Section 24(d), and is “refunded” to the taxpayer.

The quotation marks are used, because I do not see how that which was not paid can be “refunded” to the non-payor, but that’s the people’s duly elected representatives for ya.

Judge Morrison man-‘splains, in Damian Peter Daly & Jeanne Daly, et al., Docket No. 23070-19S, filed 7/11/22.

” For 2016, the Dalys reported that they owed tax of $226. They claimed a $226 child tax credit and an additional child tax credit of $2,774. The adjustments in the notice of deficiency resulted in an increase in the tax liability of the Dalys above $3,000. As a result, the notice of deficiency disallowed the $2,774 additional child tax credit and increased the child tax credit by the same amount, $2,774.

“In summary, the notice of deficiency allowed $3,000 for the total of both the child tax credit and the additional child tax credit, which is the total amount the Dalys claimed for both credits.” Transcript, at p. 6.

It has been said that worshipping the Internal Revenue Code is not idolatry: it is not “like any thing that is in heaven above, or that is in the earth beneath, or that is in the water under the earth.”

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